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21 JANUARY 2019 AL CIRCLE

LME aluminium continues upward trend started last Friday; SHFE gains on positive market sentiments

EDITED BY : BEETHIKA BISWAS 2MINS READ

The US dollar registered its first weekly gain since mid-December as US-China trade optimism lifted investor sentiment. Base metals increased across the board in the LME and SHFE. LME aluminium grew nearly 1% and SHFE aluminium jumped 1.34%.

LME alminium closed last week at US$ 1851 per tonne, the highest in the week. Stronger than expected US industrial output data boosted LME aluminium, which settled at US$1,870 per tonne after increasing to a high of US$1,879.5 per tonne on Friday night. Open interests grew 1,898 lots to 666,000 lots. The contract is expected to trade at US$1,855-1,885 per tonne today.

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As on January 18, LME aluminium cash (bid) price stood at US$ 1850 per tonne, LME official settlement price stands at US$ 1851 per tonne; 3-months bid price stands at US$ 1857 per tonne, 3-months offer price is US$ 1858 per tonne; Dec 19 bid price stands at US$ 1985 per tonne, and Dec 19 offer price stands at US$ 1990 per tonne.  

The LME aluminium opening stock increased to 1303475 tonnes. Live Warrants totalled at 1034850 tonnes, and Cancelled Warrants were 268625 tonnes.

LME aluminium 3-months Asian Reference Price is hovering at US$ 1858 per tonne.

SME and SHFE Aluminium Price Trend

The benchmark aluminium price on Shanghai Metal Exchange stood at US$ 1992 per tonne from US$ 1967 per tonne on January 18.

The SHFE 1903 contract climbed to close Friday at RMB 13,475 per tonne, up 0.6% on the day. China injected a record amount of money to stimulate its economy last week, which improved market sentiment. Longs raised the SHFE 1902 contract from the daily moving average, to a high of RMB 13,610 per tonne Friday night. Resistance at the 40-day moving average ended it at RMB 13,575 per tonne. Improved market sentiment is likely to see it at highs of RMB 13,500-13,700 per tonne, with its spot discounts seen at RMB 70-30 per tonne.

Tagged with:

Aluminium Price LME

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EDITED BY : BEETHIKA BISWAS 2MINS READ

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